NICs is the abbreviated form to describe the Newly-Industrialised Countries. These countries are predominantly located on the Asia Pacific rim. Although, many countries can qualify to be called newly industrialised countries, but generally speaking, the usage of NICs emerged from the dramatic Economic and Social transformation of the many countries/regions lying upon the periphery of Asia Pacific region.

The first batch of Asian tigers was Hong Kong, Singapore, Taiwan and South Korea. All were and are considered to be an economic miracle. The countries in the second batch that joined the club were Malaysia, Thailand, Indonesia and more recently the countries of the golden triangle have begun to knock at the doors of NICs. On a more fluid definition the countries that seek recognition as NICs are India, Brazil, South Africa, and Turkey.

Almost all the NICs of the North East Asia and Southeast Asia emerged as growing economies in the beginning of the decade of 1980s. The groundwork had been in preparation much earlier but the real implementation started in the middle of the 1980s.

The less economically developed countries that have undergone speedy, rapid and fast industrialisation, resulting in higher incomes, higher GDP growth rates, alongside the intervention of foreign direct investment, have now come to be recognised as NICs.

These countries of Asia Pacific rim can be classified as the economic miracle of the late Years of the 20th century.

A scrutiny of the strategy these countries adopted had many milestones of advantages for the free enterprise to flourish and also for entrepreneurship to grow. Capital formulation and accumulation wasn’t seen as a social evil but a necessity to keep the momentum of economic growth. The policies framed were sustainable and not totally irrevocable either, but there were also enough guarantees for these to be improved over time. The opening of these economies wasn’t like the opening of floodgates, but it was gradual—almost a step-by-step approach was adopted by the respective governments.

Amongst the several advantages on the plate, the significant ones were the availability........

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